Property involved includes five plots marked for preservation, right by the Carmel Market

A group of foreign investors is in advanced negotiations to buy the Nahalat Binyamin neighborhood project in Tel Aviv for $50 million, TheMarker has learned.

The property involved includes five plots marked for preservation.

The Cukierman & Co. Investment House's real estate department is negotiating the deal. Apparently an Israeli company is also interested in purchasing the project.

French investors already bought a building that is part of the project for $7.3 million.

The project will include 50,000 square meters of construction, of which 10% will be residential units in buildings designated as landmarks, and 20% will be housing in new buildings.

Some 15,000 square meters will be commercial space, and 17,500 are designated for parking in the busy, historical center-city neighborhood.

The vision of the project is to combine the Nahalat Binyamin pedestrian mall with a number of adjoining streets, Hatavor and Rambam, and create a renewed neighborhood.

The original plan called for $80 million investment in luxury apartments, a boutique hotel, street-front shops and an open-air mall, as well as large amounts of underground parking.

The original developer, Ruth Speizer, started buying property gradually in 1991 and over 14 years spent $42 million, mostly financed by bank loans. After the real estate market troubles in 2000, the project was frozen.

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